From: rbernard@nyse.com [mailto:rbernard@nyse.com]
Sent: Friday, April 11, 2003 5:32 PM
To: nazaretha@sec.gov
Cc: rbritz@nyse.com; colbyr@sec.gov
Subject: Conditioned Approval of Liquidity Quote
By this email, I am supplementing my April 9 email by which the Exchange
accepted the Commission's conditions in its April 2 order approving our
filing on NYSE Liquidity Quote(superscript: SM) by clarifying two
provisions in the "Draft NYLQ Vendor Letter". I set out the revised
text below. Note that, after talking to our technical people, we decided
to simply go with a shorter footnote that omits the clarification on the
column total. Our thinking is that the stub footnote will be enough to
enable the viewers to figure out the arithmetic.
Annette, please do not hesitate to call if you have any additional
questions.
Rich Bernard
NYSE
212 656 2222
DRAFT NYLQ VENDOR LETTER
[DATE]
[INSIDE ADDRESS]
Dear [NAME]:
....
Attribution and Differentiation: [NO CHANGE]
Integrated Quotes and Attribution: [NO CHANGE]
Montages: Montages that include NYLQ ... comparable to a BBO. In addition,
since the size of NYLQ includes the size of the NYSE BBO, an aggregation of
size that includes both would double count the NYSE BBO size.
If you do include NYLQ in a montage, you must exclude from the cumulative
size the NYSE BBO size to avoid double counting. You also must footnote
NYLQ as follows:
NYLQ is not a BBO; NYLQ size includes NYSE BBO size.
Branded Displays: [NO CHANGE]
Review of Screen Shots: In order to assure ... in this letter. NYSE shall
promptly review screen shot submissions and shall not unreasonably withhold
its approval.
....
Rich Bernard
NYSE
212 656 2222
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